Mobile Home Park Details
- Purchase Method: Cash, New Loan
- Listing ID: 983750
- Posted On: Aug 27, 2018
- Updated On: Jul 6, 2019
Description
One of the largest Mobile Home Parks in the country, the Heart Village Mobile Home Park has 444 pad sites that are contained within @ 50 acres of a 100 acre site. The property has great highway access to two interstate and one US highways. The streets are asphalted, private streets (except Ewing Dr. the main street) and are shaded by mature trees. The property has been maintained with pride.
The property is zoned M-2 Heavy Industrial and has two potential income-producing commercial business tenancies (including a 40' x 100' shop/building) and potential for development of the remaining 30+ acres. Additional property is a 40' x 100' T-hangar used for equipment storage and Park machine shop.
Currently Heart Village has 125 pads (@ 27% of the 444 pads) occupied, 45 of which are owner-owned rentals. Over 1/3 of the pad sites are 40' x 70', another 1/3 can take 80-foot or longer homes, and the remainder are 40' x 60'. The property has been in one ownership since start.
Key management/maintenance personnel can stay. This is a fantastic turn-key operation.
* Note: Some of the property is located within a 100-year floodplain. However, recent river channelization and minimal water levels mean this property is not floodprone from natural events.
Location
100 acres in eastern Kansas City, Missouri urban area. Excellent access to highways, Interstate 70, Interstate 435, and US Highway 40 and in close proximity to Major League Royals Baseball and Chiefs Football stadiums. Urban, yet insulated from surrounding uses by river, railtracks, and business-highway frontage.
Park Information
Community Type: | All Age |
Number of MH Lots: | 444 |
Total Occupancy: | 27.0 % |
Year Built: | 1950 |
Average MH Lot Rent: | $255 |
Size: | 100 acre(s) |
Financial Information (Actual)
Gross Income: | $650,000 |
Operating Expense: | $235,000 |
Net Operating Income: | $415,000 |
Expense Ratio: | 36.2 % |
Debt Info: | none |
Utility Information
Water: | City |
Water Paid By: | Tenant - Submetered |
Sewer: | City |
Park-Owned Homes
Number of Park-owned Homes: | 45 |
Average Rent for Park-owned Homes: | $650 |